Oklo Announces Proposed Acquisition of Atomic Alchemy to Expand into Radioisotope Market

The proposed acquisition leverages Oklo’s fact reactor and fuel recycling technologies to integrate radioisotope production to support critical needs in cancer treatment, diagnostic imaging, and clean energy applications.

Oklo Inc. (NYSE: OKLO) (“Oklo”), an advanced nuclear technology company, today announced it has signed a letter of intent to acquire Atomic Alchemy Inc. (“Atomic Alchemy”), a U.S.-based company specializing in the production of radioisotopes. Oklo’s fast reactor and fuel recycling technologies produce valuable coproducts, such as radioisotopes, through their respective processes. The proposed acquisition builds upon the strategic partnership announced between Oklo and Atomic Alchemy earlier this year, demonstrating the opportunity to combine Oklo’s power generation and fuel recycling capabilities with Atomic Alchemy’s radioisotope production expertise to accelerate fuel production for Oklo’s powerhouses, and to create new revenue streams from radioisotopes.

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Atomic Alchemy's Radioisotope Production Facility (Image: Hillside Architecture)

Radioisotopes are essential for applications across healthcare, energy, industry, and technology and are expected to represent a $55.7 billion market opportunity by 2026, according to Research Nester, with demand expected to increase significantly over the next decade. According to the British Institute of Radiology, as the need for radioisotopes continues to rise, supply has struggled to keep pace due to aging reactor infrastructure and a fragmented global supply chain, which at present is dominated by Russia. Oklo aims to address this gap through reliable, U.S.-based radioisotope production facilities that leverage its core clean energy and fuel recycling technologies.

“The proposed acquisition is expected to enable Oklo to significantly broaden its impact, as our fast reactor and fuel recycling technologies allow us to produce radioisotopes as a coproduct,” said Jacob DeWitte, co-founder and CEO of Oklo. “By incorporating radioisotope production into our fuel recycling process, Oklo is establishing a complementary revenue stream and contributing to a more resilient radioisotope supply chain.”

Atomic Alchemy’s technologies also include capabilities to perform Neutron Transmutation Doping of silicon, or "NTD." NTD is considered a “gold-standard” process that utilizes the neutrons produced in a nuclear reactor to convert some of the silicon atoms into phosphorus via nuclear transmutation. We believe NTD offers a superior method for semiconductor doping because an entire ingot can be doped prior to wafering; the dopant is distributed uniformly throughout the ingot; large volumes of semiconductor material can be irradiated in batches; the process can be used on more than one type of semiconductor; and NTD allows for fine-tuning the amount of dopant added. Given the current high level of demand for state-of-the-art semiconductors, we believe NTD capabilities may be transformative to the semiconductor industry.

Sam Altman, Chairman and Board Member of Oklo, commented on the proposed acquisition: “I deeply believe in the importance of abundance and reliable energy for the future, and Oklo’s proposed acquisition of Atomic Alchemy opens the door for nuclear technology to play an even greater role in solving critical energy, medical, and industrial challenges.”

Key highlights of the proposed acquisition:

• Leveraging Complementary Technology to Scale and Accelerate Fuel Availability: Radioisotopes can enhance the economics of nuclear fuel recycling and accelerate fuel availability for Oklo’s powerhouses through the sales of high-value radioisotopes.
• Expanding into an Attractive Market: This proposed acquisition diversifies Oklo’s business and market reach into new sectors such as biotech, pharmaceuticals, space, defense, and semiconductors.
• Establishing Domestic Radioisotope Production: Oklo and Atomic Alchemy intend to develop specialized radioisotope production capabilities with Oklo’s fast reactor technologies and Atomic Alchemy’s versatile irradiation reactor technologies to address urgent supply shortages in life-saving medical radioisotopes and advanced industrial applications.
• Accelerating and Diversifying Oklo’s Revenue Streams: Oklo expects to begin generating revenue from radioisotope production following the proposed acquisition, with initial revenues anticipated prior to completing the first radioisotope production reactors. This potential additional revenue stream is expected to diversify Oklo’s income sources.

Oklo proposes to acquire Atomic Alchemy for $25 million in an all-stock transaction (subject to customer adjustments). All Oklo shares issued to existing shareholders of Atomic Alchemy in connection with the transaction are expected to be subject to multi-year lock-ups. Upon closing, the proposed transaction is expected to have minimal immediate impact on Oklo’s operating cost structure, and the proposed transaction is not expected to impact Oklo’s previously announced 2024 outlook.

With this proposed acquisition, Oklo intends to reinforce its position as a leader in advanced nuclear technology, combining energy production and critical material supplies into a unified, high-value creation approach.

About Oklo Inc.: Oklo Inc. is developing fast fission power plants to provide clean, reliable, and affordable energy at scale. Oklo received a site use permit from the U.S. Department of Energy, was awarded fuel material from Idaho National Laboratory, submitted the first advanced fission custom combined license application to the U.S. Nuclear Regulatory Commission, and is developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.

About Atomic Alchemy Inc.: Atomic Alchemy Inc. is pioneering a resilient U.S.-based radioisotope supply chain to meet essential demands across healthcare, industry, research, and defense. With its proprietary Versatile Isotope Production Reactor (VIPR®) technology, Atomic Alchemy is building the first scalable production facility to provide a reliable, sustainable source of high-value radioisotopes. Using a vertically integrated model and fuel recycling, in partnership with Oklo, Atomic Alchemy is transforming isotope production to address global shortages, support critical applications, and strengthen national security.

Forward-Looking Statements

This press release includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the benefits of the proposed acquisition, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.

As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the deployment of Oklo’s powerhouses; the risk that Oklo is pursuing an emerging market, with no commercial project operating, regulatory uncertainties; the potential need for financing to construct plants, market, financial, political and legal conditions; the effects of competition; the risk that an agreement with Atomic Alchemy and the proposed acquisition thereof do not materialize or fail to produce the expected benefits; changes in applicable laws or regulations; and the outcome of any government and regulatory proceedings and investigations and inquiries.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any document incorporated by reference are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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